The longer Iraq overhangs the national psyche, the more damage it will do to economic activity. Soon, though, we may see a big move in the market.

MARCH 18 -- Over the last several weeks, I have sensed a very sizable and growing frustration on the part of stock investors. And this frustration has been shared by investors on both sides of the ledger -- bulls and bears.

A few weeks ago, I opined that there was little to no hope for any material improvement in...